Net cash provided by operating activities (USD, millions)

Net cash used in investing activities (USD, millions)

Net cash used in financing activities (USD, millions)

Capital expenditures (USD, millions)

Repayments of debt (USD, millions)

Payments of employee withholding tax on stock awards (USD, millions)

Proceeds from exercise of stock options (USD, millions)

Purchases of common stock for treasury (USD, millions)

Dividends paid (USD, millions)

Effect of exchange rates on cash (USD, millions)

Net (decrease) increase in cash and cash equivalents (USD, millions)

Realized gains on translated earnings contracts and other (USD, millions)

Proceeds from cross currency swap (USD, millions)

Other, net Cash Flows from Investing Activities (USD, millions)

Other, net Cash Flows from Financing Activities (USD, millions)

Cash and cash equivalents at beginning of year (USD, millions)

Cash and cash equivalents at end of period (USD, millions)

9e0ccbb051a278bbef668a362a884f260191803dbbf016168afbcbeefd11125c

Total Assets were unusually low in Q2 2024 because of a significant decline in several key areas. **Cash and cash equivalents** dropped by **$360 million** (from **$1,779 million** to **$1,419 million**), **Property, Plant, and Equipment (net)** decreased by **$888 million**, **Other Assets** fell by **$239 million**, and **Goodwill/Intangible Assets** declined by **$84 million**. Collectively, these changes led to a total reduction of **$1,321 million** compared to the prior period.  **[0001437749-24-024494_glw20240630_10q.htm:2]** 

Why were Total Assets unusually low in Q2 2024?

The significant increase in the current portion of debt in Q2 2024 reflects an increase from **$320 million** at the end of December 31, 2023, to **$376 million** as of June 30, 2024.  **[0001437749-24-024494_glw20240630_10q.htm:2]**  However, the documents do not provide specific reasons for this change.  **[0001437749-24-024494_glw20240630_10q.htm:2]** 

What drove the significant increase in the current portion of debt in Q2 2024?

The documents do not provide a definitive reason for the decline in long-term debt in Q2 2024. However, the decrease may be attributed to **scheduled debt repayments** or **changes in the carrying value of debt** due to factors such as **foreign currency translation adjustments** or **fair value adjustments**. For instance, Corning utilizes **cross-currency swap contracts** to manage foreign exchange risks related to its Japanese yen-denominated debt, which can also impact the reported debt value.  **[0001437749-24-024494_glw20240630_10q.htm:2]** **[0001437749-24-024494_glw20240630_10q.htm:7]** 

Why did long-term debt decline noticeably in Q2 2024?

7601841854154ff2a3d5bb3d43a564b9d66c7cceab6275da9bc27fba985feb5e

Corning’s (GLW) net income was so low in Q3 2024 primarily due to declines in certain segments and the impact of non-cash adjustments. While segments like **Optical Communications** and **Display Technologies** posted strong gains, the **Environmental Technologies** segment saw a **24% year-over-year decline** due to lower sales volumes impacted by the Class 8 truck downcycle, and the **Hemlock and Emerging Growth Businesses** reported a **net loss of $12 million**, which was **50% worse year-over-year**. These adverse results, along with non-cash adjustments (such as mark-to-market losses on translated earnings contracts, restructuring charges, and other adjustments), significantly weighed on overall net income.  **[0001437749-24-032360_ex_708020.htm:2]** **[GLW_3404325_5]** **[0001437749-24-032360_ex_708020.htm:0]** **[0001437749-24-032360_ex_708020.htm:1]** **[GLW_3404325_4]** **[GLW_3404325_2]** **[0001437749-24-032912_glw20240930_10q.htm:29]** 

Why was Net Income so low in Q3 2024?

EPS turned negative in Q3 2024 primarily because of **non-cash, mark-to-market adjustments** related to the company's **translated earnings contracts and Japanese yen-denominated debt**. Additionally, **constant currency adjustments** and **non-cash asset write-off charges** contributed to the negative earnings result, reversing the positive trend seen in Q3 2023.  **[0001437749-24-032360_ex_708020.htm:1]** **[GLW_3404325_0]** 

Why did EPS turn negative in Q3 2024?

The substantial increase in **Operating Income** in Q4 2024 was driven by several factors. **Revenue growth** played a major role, with **net sales** increasing by **18% year-over-year**—boosted by strong performance in key segments like **Optical Communications** (sales up **51%** with a **93%** rise in its Enterprise business) and **Display Technologies** (up **12%**, aided by price increases and higher panel utilization).  **[0001628280-25-002912_glw-20241231xex99xq42024.htm:0]** **[0001628280-25-002912_glw-20241231xex99xq42024.htm:2]** **[GLW_3413521_3]**  Additionally, **improved margins** contributed significantly, as the **core operating margin** expanded by **220 basis points** through higher incremental profit from increased sales volumes and successful pricing strategies that mitigated currency impacts.  **[0001628280-25-002912_glw-20241231xex99xq42024.htm:0]** **[0001628280-25-002912_glw-20241231xex99xq42024.htm:2]** **[GLW_3413521_3]**  Consistent **cost management** and strategic initiatives, such as the **Springboard plan** aimed at further sales and margin enhancements, also supported the strong operating income growth.  **[0001628280-25-002912_glw-20241231xex99xq42024.htm:12]** **[0001628280-25-002912_glw-20241231xex99xq42024.htm:13]** **[GLW_3413521_1]** 

What drove the significant increase in Operating Income in Q4 2024?

ec4a035ee40319245bc5e5814e0bc3a4a5e42a05db6e9362111399aeceb21fde

Net Sales (USD, millions)

Cost of Sales (USD, millions)

Gross Margin (USD, millions)

Selling, General and Administrative Expenses (USD, millions)

Research, Development and Engineering Expenses (USD, millions)

Amortization of Purchased Intangibles (USD, millions)

Operating Income (USD, millions)

Interest Income (USD, millions)

Interest Expense (USD, millions)

Translated Earnings Contract Gain, Net (USD, millions)

Other (Expense) Income, Net (USD, millions)

Income Before Income Taxes (USD, millions)

Provision for Income Taxes (USD, millions)

Net Income (USD, millions)

Net Income Attributable to Non-Controlling Interest (USD, millions)

Net Income Attributable to Corning Incorporated (USD, millions)

Basic Earnings per Common Share (USD)

Diluted Earnings per Common Share (USD)

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Cash and cash equivalents (USD, millions)

Trade accounts receivable, net (USD, millions)

Inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Property, plant and equipment, net (USD, millions)

Goodwill (USD, millions)

Other intangible assets, net (USD, millions)

Deferred income taxes (USD, millions)

Other assets (USD, millions)

Total Assets (USD, millions)

Current portion of long-term debt and short-term borrowings (USD, millions)

Accounts payable (USD, millions)

Other accrued liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Postretirement benefits other than pensions (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Common stock (USD, millions)

Additional paid-in capital – common stock (USD, millions)

Retained earnings (USD, millions)

Treasury stock, at cost (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Total Corning Incorporated shareholders’ equity (USD, millions)

Non-controlling interest (USD, millions)

Total equity (USD, millions)

Total Liabilities and Equity (USD, millions)

1ca6decb82cbe30f601022392e9aca52f147c976e979dda4df09103b55904884

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

31cb0a5537df4650556d99caf599b722fb6b9fcf5ec3467ea2be548c5435f91d

88c4d9b357c398a927d063a1cfaaa895a4e782380139327583f68cc27bfe45d6

44ca603b96794fe2466310b678acc1cc5cf55c0d1e3a82c470439edc1eec2cb8

Days sales outstanding (days)

Days payable outstanding (days)

Inventory turns (times)

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fddfbd48ad1d34f10f7414903e79a4005016eaea519eba38df69cff5cc718d23

cf90aa9856f498946ad3c6c3911dbcbaeee4794ddc0a4389eddb34c1e61134cc

CORNING INC /NY (GLW)

Financials